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Cactus Park Elementary
3115 Las Vegas Boulevard North, Las Vegas, Nevada 89115, United States
22,000
Square Feet
PROJECT SUMMARY
Hiltz Commercial Group was engaged to reposition a former flea market at 3115 N Las Vegas Blvd into a long-term educational investment property. The client aimed to secure funding and investor confidence for a public charter school conversion in a dense urban corridor of Las Vegas, Nevada. The project required:
Demonstrating real estate upside through adaptive reuse. Forecasting stable income from a new charter school tenant with growth potential Overcoming the lack of operational history for a first-time Nevada operator
OPPORTUNITY
HCG used a unique opportunity to convert our previous 17,090 SF retail building into a purpose-built K–5 charter school serving underserved neighborhoods. PilotEd, the charter school tenant, planned a significant expansion to 25,466 SF and projected a stabilized enrollment of 450 students by 2025. While the tenant had no local operating history, their mission-driven model and state charter approval made the location ideal for long-term community impact.
RESULTS
- 25,466 SF educational facility secured under long-term lease
- 60-month student center lease at $2.15/SF
- Stabilized market value of $14.3 million at a 6.75% cap rate
- Student capacity: 450 at full enrollment with ~56.6 SF/student
- Future expansion opportunity from underutilized parking lot and site area
CONCLUSION
The loss of Las Palmas is not in vain. From serving the diverse, minority lead community in retail to now in education. Hiltz positioned the asset for long-term appreciation, investor confidence, and positive community impact. The Cactus Park Elementary conversion is a testament to repursing ability of HCG.
